The John Lothian Daily Update is a podcast turning the daily JLN hits and takes comments, our original content and the stories and quips in the top box of First Read into a daily podcast.
Hits & Takes
The latest donor to the JLN MarketsWiki Education GoFundMe campaign is CME Group Managing Director for Marketing Kevin Comer. Kevin has been with the CME since 2006 in various marketing roles, working his way up the organization. Thank you to Kevin and all who have given and all who have yet to give. Support our efforts to preserve industry history by donating to our GoFundMe campaign.
As you may know, I am a member of the executive committee of the Pathway to Adventure Council of the Boy Scouts of America. I am the vice president of development for the Council. One of my responsibilities is to help identify outstanding Eagle Scouts to be honored with the Outstanding Eagle Scout Award.
The candidate must be an Eagle Scout in good standing with the Boy Scouts of America and must either be registered with or have their primary residence within the boundaries of the Pathway to Adventure Council. If someone you know is an Eagle Scout who you believe is a worthy candidate for this award, please let me know. The award is given for attaining eminence at the local, state or regional level through distinguished service to an Eagle Scout’s profession and community. Email me at email@example.com with any suggestions. Thank you!
As a reminder, the LaSalle Street Trading Tech Awards fundraising event is virtual this year and will be held on December 3. We will have videos for the event and some breakout Zoom rooms for socializing. Please put this event on your calendar, and you can donate here. Also, you don’t have to be in Chicago this year to attend. You can be anywhere as long as you have an internet connection.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
ISDA is offering complimentary registration for its Virtual Conference: Trading Book Capital November 19 from 9:00 AM – 12:00 PM EST. Market participants and regulators from around the world will come together to debate issues relating to the regulatory capital framework. The conference will include expert speakers from the private and public sector on the impacts to implementation timeline from COVID-19, and how firms are preparing for upcoming capital requirements and deadlines. Go here for complimentary registration.~SR
The FIA has announced the keynote speakers for FIA Asia-V. They will be: Loh Boon Chye, Chief Executive Officer of the Singapore Exchange; Charles Li, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited; FIA’s Head of Asia-Pacific Bill Herder; and Dawn DeBerry Stump, Commissioner at the US Commodity Futures Trading Commission. You can register HERE for the virtual conference, which takes place 1-3 December.~SR
Where Biden Can Find $1 Trillion in Tax Revenue
Natasha Sarin – Bloomberg
When President-elect Joe Biden takes office in January, he’ll face a quandary: how to reform the tax system to raise much-needed government revenue. One promising option: Give the Internal Revenue Service the resources needed to ensure the wealthiest are paying the taxes they already owe. As it turns out, Donald Trump isn’t the only affluent American partial to aggressive tax maneuvers. Private equity executive Robert Smith, who made headlines in 2019 by pledging to pay off student loans for Morehouse College graduates, recently admitted to criminal tax evasion of hundreds of millions of dollars over a 15-year period (he will pay back taxes and penalties but avoid prison). The Justice Department has also indicted software executive Robert T. Brockman, claiming he concealed approximately $2 billion in income (with Smith’s help) in an offshoring scheme featuring a computer program aptly named “Evidence Eliminator.”
***** Look in the cushions of Air Force One.~JJL
It’s a great time to be an options trader; Local firms have pocketed profits and expanded operations in a record boom after several tough years.
Lynne Marek – Crain’s Chicago Business
Stock options trading has skyrocketed 31 percent this year to an annual record, lifting the fortunes of the firms in Chicago that specialize in them. Chief among them is Citadel Securities, which handles about a third of all options orders, though other Chicago players like Wolverine Trading, Old Mission, Simplex Investments and Dash Financial Technologies have also benefited.
****YES IT IS!!!~JJL
Monday’s Top Three
Our top story Monday was a repeat of Friday’s top story, This is a massive failure of character among Republicans — with evangelicals out in front, a Washington Post opinion piece. Second was another political story, Charles Koch Says His Partisanship Was a Mistake, from the Wall Street Journal. Third was JLN’s Peter Wind Remembrances, with an additional remembrance from Jim Cone.